It sold its Real Business and Business Advice titles to Prosper (Media) Ltd two days later.

Prosper (Media) Ltd was incorporated on 5 February by two directors of Prosper Squared (Investments) Ltd.

Prosper Squared, which runs a business club and loyalty rewards scheme for SMEs, confirmed it had bought the titles.

Real Deals operates as a website and fortnightly print magazine while Real Business and Business Advice are online-only operations.

A message on the Caspian Media website said: “Caspian Media Limited entered administration on 6 February 2019, with Benjamin Wiles and Paul Williams of Duff & Phelps being appointed as Joint Administrators.

“The Real Deals and Events divisions of the business were sold to Real Deals Media Limited via a pre-packaged sale on 6 February 2019. In addition, the Real Business and Business Advice were sold to Prosper (Media) Limited on 8 February 2019.”

Caspian Media Ltd reported losses of £1.7m despite an operating profit of £309,762 in the year to 30 June 2017, according to the latest available figures on Companies House.

The company said it had 52 employees at that time, including 23 editorial and design staff.